Central Asia news

Uzbek-born American Entrepreneurs Gulam and Sardor Umarov Expanding Use of Latest Technologies

Gulyam and Sardor Umarov, natives of Uzbekistan, children of the formerly well-known opposition figure Sanjar Umarov, are currently engaged in large-scale technological projects in the U.S., while not forgetting their roots and developing business which is relevant with the interests of their homeland.

In 2014, they acquired the rights to renovate the Exchange Building—formerly known as the Merchant Exchange Building, the center of cotton and other commodities trading of the Mid-South—in Memphis, Tennessee, and built over a hundred years ago. Today, under the current ownership, the former Memphis Cotton Exchange is undergoing a residential rebirth, geared at the most modern projects. Dozens of startups—high-yielding projects that have started “from scratch” or companies offering the latest products and services—have already utilized Exchange Building’s amenities and in the near future the Umarov brothers intend to hold a seminar for future start-ups at the local university.

The topic of the seminar may seem to many to be incomprehensible and mysterious. It pertains to blockchain and how it can be applied in the markets of developing countries. Blockchain, also known as Distributed Ledger Technology, is the latest computer technology that can be used to store and distribute any information and, in particular, conduct cash transactions. The main advantage of blockchain is that with the use of this technology, data in principle cannot be changed or distorted, and all user actions become transparent and free of any fraud. In addition, this system helps to save a significant amount of money, because it simplifies the services of banks and the financial system without which you cannot manage making payments in the traditional way.

Sardor and Gulam Umarov

This system is of particular importance for developing countries that are trying to attract foreign investment. In markets where doing business is often difficult due to various local features, the use of blockchain will make transactions transparent. This will help to win the confidence of investors and, ultimately, to ensure stable prices for goods where markets are still unsustainable.

The Umarov brothers are working on the development of this revolutionary technology, which is already beginning to be actively used in First World countries with developed economies. The Exchange will hold a two-day training course at the FedEx Technological Institute in Memphis, on May15-16, to encourage cooperation, and attract investment. The course is aimed at those who have not worked with blockchain yet, but have a clear idea of ​​the existing markets, and would like to familiarize themselves in detail with the opportunities that open with the use of this innovative tool.

To attract start-ups, The Exchange uses the ecosystem method where teams from all over the world get comfortable premises at their disposal, equipped for both work and housing, and get a central location within walking distance from all the key facilities of downtown Memphis—a rapidly growing technological hub—in the heart of the United States.

Another feature of the project is that it holds an important place for humanitarianism and philanthropic efforts. The leading Saint Jude Children’s Research Hospital , where children from all over the world undergo treatment for cancer and other life-threatening diseases free of charge is located in Memphis. The hospital is funded by and operates on charitable donations.

For children of Central Asia to receive treatment at St. Jude, the hospital needs to allocate a special quota. An important component of cooperation between The Exchange and Central Asian countries is the provision of assistance to ill children from this region. The raised funds will be used to create such quotas for children from Turkmenistan and Kazakhstan, whose governments have already given their consent to participate in the future joint project, and in the future, Uzbekistan (which has not yet responded to the call).

We will closely monitor the development of this very interesting project.